Job Creation Stagnant, Jobless Rate Ticks Up
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WASHINGTON (CBSMiami) – The U.S. economy continued to plug along at a depressed rate in May adding 175,000 jobs, in line with what analysts had expected. However, the unemployment rate ticked up 0.1 percent in May to 7.6 percent, according to the Bureau of Labor Statistics.
The jobless rate for adult men was 7.2 percent while adult women checked in with a 6.5 percent rate. Teenagers continued to get hit hard with a 24.5 percent unemployment rate. African-Americans and Hispanic both had higher unemployment rates than whites in May.
The number of long-term unemployed, more than 27 weeks, remained unchanged at 4.4 million in May. The long-term unemployed accounted for 37.3 percent of the unemployed in the month of May. However, long-term unemployment has dropped by 1 million over the last 12 months.
Job gains were seen in the professional and business services with 57,000 jobs added in May; however 26,000 of those jobs were temporary help services. Leisure and hospitality and employment in food services and drinking places grew by 38,000 in May as well.
Within government, federal government employment declined by 14,000 in May. Over the past 3 months, federal government employment has decreased by 45,000.